Caitlyn Jenner, a prominent figure, recently ventured into the world of cryptocurrencies by launching a Solana meme coin. However, the token’s value plummeted by 66% in just 24 hours after Jenner introduced a new token on the Ethereum network. Interestingly, this new token aims to donate a portion of fees to support Donald Trump’s presidential campaign.
Initially, many in the crypto community thought Jenner’s account was compromised when she announced the JENNER coin on Solana. Contrary to this belief, Jenner was genuinely involved in the project alongside crypto promoter Sahil Arora. However, Jenner mentioned that she did not have control over any tokens, and Arora reportedly owes her a significant sum of money.
The launch of JENNER coin on Solana sparked a trend of celebrity-backed meme coins, with musicians like Iggy Azalea and Davido following suit. Despite its initial success, Jenner’s token took a hit when she introduced a new version on Ethereum. This move did not resonate well with investors, resulting in a steep 58% drop in price shortly after the announcement, eventually leading to a 66% decline in value over the next 24 hours.
Arora, known for launching other celebrity-themed tokens, distanced himself from Jenner’s new project, referring to her as a “greedy granny.” In an attempt to revive the token’s fortunes, Jenner implemented a 3% transaction tax that will fund donations to Donald Trump’s presidential campaign once the market cap reaches $50 million.
While Jenner’s previous Solana token reached a $42 million market cap, the new Ethereum version only managed to hit $4.75 million shortly after its launch. Currently, the token sits at a $2.4 million market cap, significantly below the ambitious $50 million goal inspired by Trump.
Jenner’s online presence has dwindled since the peak of her Pump.fun token, drawing criticism and negativity amid the significant 81% decline in the Solana version of JENNER. Despite the setback, supporters urge her to reignite interest in the Solana token.
